Social entrepreneurship to drive economic growth

KUALA LUMPUR: Social entrepreneurship in Malaysia has great potential for growth, but it needs a strong development framework to reach its potential, says Datuk Seri Ismail Sabri Yaakob.

Thus, the Prime Minister said that the new Malaysian Social Entrepreneurship Plan 2030 (SEMy2030) was created to help social enterprises access the training programs, financial assistance and other tools needed to grow their skills.

“Unlike the cooperative or micro, small and medium enterprise (MSME) sector – the development of social entrepreneurship in Malaysia is still in its infancy.

“Key elements such as a regulatory framework, financial infrastructure and a financial safety net are still not available,” he said.

“Social entrepreneurship activities are now attracting attention and are recognized as an important element in solving socio-economic problems.

“The government is aware of the potential and important role of social entrepreneurship in driving the socio-economic growth of the country. Therefore, a long-term national policy must be established.

He explained that the SEMy2030, which was developed by the Ministry of Entrepreneurs and Cooperative Development, would provide a new national direction for the development of social entrepreneurship in Malaysia.

Artistic appreciation: Ismail Sabri admiring paintings during the event in Kuala Lumpur. — Bernama

“The Master Plan is an effective regulatory and governance framework that will help ensure that social enterprises operate with responsibility and accountability, and at the same time build public and private sector confidence,” Ismail Sabri said in his speech at the of the launch of SEMy2030 here. .

The Minister of Entrepreneurs and Cooperative Development, Tan Sri Noh Omar, was also present.

The plan consists of initiatives that will help raise awareness of the social entrepreneurship sector.

“The plan’s initiatives also aim to cultivate a culture of social entrepreneurship that constantly aims to improve community livelihoods.

“There are also targeted strategies outlined in the plan to help social enterprises improve their capabilities and skills.

“These include providing training on technology adaptation and digitization, expanding access to financial support and facilitating a pathway to domestic and international markets,” he said.

Ismail Sabri hopes to see social enterprises recognized as important contributors to the development of a prosperous, inclusive and sustainable Malaysia in 2030.

“I am convinced that social entrepreneurship is an effective approach to boost the socio-economic development of Malaysian families.

“I call on public and private agencies, social impact investors and businesses to provide strong and continued support and cooperation for the development of social entrepreneurship in Malaysia.

“Young people and graduates are also invited to come up with ideas on how to strengthen social entrepreneurship,” he said.

At the event, Ismail Sabri presented social enterprise grants worth over RM800,000 to nearly 500 beneficiaries.

He visited several booths set up by social entrepreneurs on the sidelines of the launch event, as well as the adjacent Grand Bazaar Malaysia – a “handicraft” shopping mall that showcases local brands from Malaysia’s creative industry.

At a press conference later, Noh said the ministry’s goal was to create 10,000 social enterprises by 2030.

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